NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) are declining, lower by 4.72% to $232.98 in midday trading Monday, after Germany's BMW released a statement saying the company is not interested in buying a stake in the U.S. electric car maker, German weekly business news magazine WirtschaftsWoche reported on Friday.
The news comes after Tesla CEO Elon Musk told German news magazine Der Spiegel in an interview last week that he was impressed by BMW's use of "relatively cost-efficient" carbon fiber for manufacturing exterior vehicle parts.
BMW first approached Tesla in June for a possible collaboration project for charging infrastructure, producing battery packs and other lightweight components for electric vehicles.
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Separately, TheStreet Ratings team rates TESLA MOTORS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and generally high debt management risk."
Highlights from the analysis by TheStreet Ratings Team goes as follows: